Russia issued a decree Tuesday to ban oil gross sales to nations and firms that adjust to a value cap agreed by Western nations in response to Moscow’s offensive in Ukraine.

“The provision of Russian oil and oil merchandise to overseas authorized entities and people is prohibited if the contracts for these provides instantly or not directly” are utilizing a value cap, the presidential decree mentioned.

The decree might be in impact from February 1 till July 1.

It added that the ban could also be lifted in particular person circumstances on the premise of “particular determination” from Russian President Vladimir Putin.

Additionally Learn | Russia won’t promote oil topic to Western cap: Putin’s aide

The value ceiling of $60 per barrel agreed by the European Union, G7 and Australia got here into power in early December and seeks to limit Russia’s income whereas ensuring Moscow retains supplying the worldwide market.

Launched alongside an EU embargo on seaborne deliveries of Russian crude oil, the cap goals to make sure Russia can not bypass the embargo by promoting its oil to 3rd nations at excessive costs.

Additionally Learn | Russia welcomes India’s determination to not help G7’s value cap on Russian oil

Russia has mentioned the cap won’t have an effect on its army marketing campaign in Ukraine and expressed confidence it will discover new patrons.

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